{"id":608835,"date":"2023-10-26T00:00:00","date_gmt":"2023-10-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/26\/sp-cuts-three-local-banks-credit-rating-days-after-downgrading-sovereign-rating\/"},"modified":"2023-10-26T00:00:00","modified_gmt":"2023-10-26T00:00:00","slug":"sp-cuts-three-local-banks-credit-rating-days-after-downgrading-sovereign-rating","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/26\/sp-cuts-three-local-banks-credit-rating-days-after-downgrading-sovereign-rating\/","title":{"rendered":"S&P cuts three local banks credit rating days after downgrading sovereign rating"},"content":{"rendered":"

S&P Global has downgraded the long-term credit ratings of three local banks<\/strong>, a few days after it cut its rating on Egypt\u2019s sovereign debt deeper into junk, it said<\/a> on Tuesday.<\/p>\n

Who was on the cutting block? <\/strong>State-owned lenders National Bank of Egypt<\/strong>and Banque <\/strong>du Caire<\/strong> as well as the country\u2019s largest private-sector bank CIB<\/strong>, all had their credit ratings downgraded to B- from B. The rating agency also revised its outlook to stable from negative, pointing to the possibility of the government delivering on structural reforms. <\/p>\n

This shouldn\u2019t come as a surprise: <\/strong>The rating agency does \u201dnot rate financial institutions in Egypt above the foreign currency sovereign ratings,\u201d it said. S&P downgraded our sovereign credit rating<\/a> earlier this week, lowering its long-term rating to B- from B on the back of the FX shortage and rising uncertainties about debt sustainability. <\/p>\n

The rationale:<\/strong> All three of the banks have high exposure to sovereign debt in turn exposing them to the government\u2019s risky credit profile, the rating agency said.<\/p>\n

ICYMI- <\/strong>Moody\u2019s downgraded<\/a> the same three banks credit ratings to Caa1 from B3 earlier this month.<\/p>\n","protected":false},"excerpt":{"rendered":"

The rating agency cut Egypt\u2019s sovereign credit rating deeper into junk last week due to the increasing FX shortage and debt worries<\/p>\n","protected":false},"author":1,"featured_media":608836,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7350],"tags":[204,726,240,104,72,2234,248,1631],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-608835","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banking","tag-banque-du-caire","tag-cib","tag-economy","tag-enterpriseam","tag-foreign-exchange","tag-national-bank-of-egypt","tag-sp-global-ratings","wpautop","entry"],"acf":{"mongo_id":"dd9ed4ef-7d60-4ee9-8b07-2e60a9069057","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/1312.jpg","photo_position":"above","homepage_title":"","full_issue_title":"S&P cuts three local banks credit rating days after downgrading sovereign rating","related_issue":[608828],"teaser":"The rating agency cut Egypt\u2019s sovereign credit rating deeper into junk last week due to the increasing FX shortage and debt worries","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.ca7f0c51-40af-4c10-94aa-bb4de4247d93.mp3"},"yoast_head":"\nS&P cuts three local banks credit rating days after downgrading sovereign rating - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/26\/sp-cuts-three-local-banks-credit-rating-days-after-downgrading-sovereign-rating\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"S&P cuts three local banks credit rating days after downgrading 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"Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/wp-content\/uploads\/2023\/05\/National-Bank-of-Egypt3-1920px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":610029,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/fitch-cuts-bank-credit-ratings-following-sovereign-downgrade\/","url_meta":{"origin":608835,"position":2},"title":"Fitch cuts bank credit ratings following sovereign downgrade","author":"enterpriseam admin","date":"14 November 2023","format":false,"excerpt":"Fitch, S&P and Moody\u2019s have all downgraded Egypt\u2019s sovereign rating over the past month due to rising debt concerns","rel":"","context":"In \"banking\"","block_context":{"text":"banking","link":"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/695.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582100,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/13\/moodys-downgrades-five-banks-deposit-ratings-on-sovereign-credit-risk\/","url_meta":{"origin":608835,"position":3},"title":"Moody\u2019s downgrades five banks\u2019 deposit ratings on sovereign credit risk","author":"enterpriseam admin","date":"13 February 2023","format":false,"excerpt":"Moody\u2019s has downgraded the long-term deposit ratings of five Egyptian banks on the back of its downgrade last week of the country\u2019s sovereign credit rating. The National Bank of Egypt (NBE), Banque Misr, Banque du Caire (BdC) and CIB have all seen their ratings downgraded to B3 from B2, the\u2026","rel":"","context":"In "Banking"","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/banking-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":607972,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/12\/it-was-expected-moodys-downgrades-credit-rating-of-five-local-banks\/","url_meta":{"origin":608835,"position":4},"title":"It was expected: Moody\u2019s downgrades credit rating of five local banks","author":"enterpriseam admin","date":"12 October 2023","format":false,"excerpt":"The move follows the agency\u2019s decision to downgrade Egypt\u2019s sovereign credit rating to Caa1 last week","rel":"","context":"In "Banking"","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/619.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":610686,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/26\/fitch-downgrades-egyptian-banks-operating-environment-score-on-ties-to-sovereign-debt\/","url_meta":{"origin":608835,"position":5},"title":"Fitch downgrades Egyptian banks\u2019 operating environment score on ties to sovereign debt","author":"enterpriseam admin","date":"26 November 2023","format":false,"excerpt":"Fitch estimates that about 50% of the total assets of Egypt\u2019s banking sector are invested in government debt, creating a significant exposure","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1342.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/608835","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=608835"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/608835\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/608828"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/608836"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=608835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=608835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=608835"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=608835"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=608835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}